OMERS ADMINISTRATION Corp Purchases 1,506 Shares of Targa Resources Corp. (NYSE:TRGP)

OMERS ADMINISTRATION Corp lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 20.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,841 shares of the pipeline company’s stock after buying an additional 1,506 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Targa Resources were worth $1,578,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Atomi Financial Group Inc. bought a new position in shares of Targa Resources during the 4th quarter worth $271,000. Segment Wealth Management LLC grew its position in shares of Targa Resources by 2,753.4% during the 4th quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock worth $9,876,000 after buying an additional 53,389 shares in the last quarter. Affinity Wealth Management LLC grew its position in shares of Targa Resources by 117.4% during the 4th quarter. Affinity Wealth Management LLC now owns 5,341 shares of the pipeline company’s stock worth $953,000 after buying an additional 2,884 shares in the last quarter. Barclays PLC grew its position in shares of Targa Resources by 19.5% during the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock worth $153,124,000 after buying an additional 168,602 shares in the last quarter. Finally, Sustainable Insight Capital Management LLC bought a new position in shares of Targa Resources during the 4th quarter worth $339,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company raised their price objective on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Scotiabank dropped their price objective on Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, April 29th. Barclays dropped their price objective on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group dropped their price objective on Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Finally, US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average price target of $201.64.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 over the last three months. 1.34% of the stock is currently owned by insiders.

Targa Resources Trading Down 1.2%

Targa Resources stock opened at $166.62 on Friday. The stock has a 50-day moving average of $177.59 and a two-hundred day moving average of $188.02. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a one year low of $113.65 and a one year high of $218.51. The stock has a market cap of $36.15 billion, a PE ratio of 29.03, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. On average, research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were paid a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s payout ratio is 73.66%.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.